The Intergenerational Toll of Uncertainty as Baby Boomers Evaluate Potential Retirement
By 2030, conservative population estimates report the expectation there will be more than 73 million Baby Boomers in the United States age 65 or older. A recent survey showed 85% of Baby Boomers expect to work later in life whereas previous generations expected not to work any longer after retirement. The work Baby Boomers appear to desire currently is shorter in duration and lesser in doses of stress than the work they engaged in during prior years.
Some financial researchers report Baby Boomers expect to work later in life due to not having enough savings to maintain their lifestyle for the duration of their life in the United States. Exorbitant healthcare costs and potential long-term care costs also are reported as intimidating factors for Baby Boomers who are in the process of considering retirement. According to the Insured Retirement Institute, uncertainty about whether they’ve saved enough capital is the number one reason which keeps Baby Boomers in the workforce.
Another part of this expectation comes from being forced or “encouraged” out of their positions by their employers during the COVID19 pandemic. While still possessing profound amounts of expertise and valuable organizational knowledge, unreceptive leadership and younger employees desiring increased pay and promotions created environments encouraging Baby Boomers to vacate the workforce, enforced emotional-intelligence deficient labor and pension laws, and cited negative views of older organizational members who were resistant to new forms of technology.
Potential Solution: If Baby Boomers experienced a certainty about their fiscal status and healthcare coverage for the rest of their life, they would be more confident in their choice to retire, opening up organizational opportunities to younger members of the workforce. They could still be utilized for their expertise on a consulting basis which would decrease their number of hours as well as their stress. These interactions could be facilitated in a way where technology is not a barrier to them but still is optimum for younger organizational members.
If you’re a Baby Boomer have you experienced being undervalued in an organization? If so, where are you finding opportunities to share your expertise and feel valued?
If you’re not a Baby Boomer in the workforce and are experiencing staff shortages that aren’t expected to resolve for decades or more, what are your thoughts?
If you’re not a Baby Boomer in the workforce who experienced resistance to forms of technology by Baby Boomers leading to their “retirement,” what is your perspective?
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Sources:
Mckinsey.com “Talkin’ ‘Bout My Generation”
PlanSponsor.com “Study Shows BB Were Pushed Out”
Fortune.com “BB Killing the Idea of Retirement”
USAtoday.com “BB: Can You Retire So I Can Get a Job Promotion?”
E-MoneyAdvisor.com “BB and Financial Stress”
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
2 年Well Said.